Co-op banking profits hit by writedown in UK

The Co-op’s banking business said its balance sheet remained strong today, despite a £31.8m (€40.37m) investment write-off.

Profits at the banking arm of Co-operative Financial Services (CFS) – which yesterday withdrew one of its mortgage products due to unprecedented demand - slumped by a third to £50.4m (€64m) during the year ended January 12.